the deficit widens by 15.91% from February 2 to 8

The bank liquidity deficit widened by 15.91% to stand at -92.5 billion dirhams (MMDH) from February 2 to 8, indicates BMCE Capital Global Research (BKGR).

This situation comes at a time when 7-day advances are increasing to 43.2 billion dirhams (compared to 38.1 billion dirhams last week), in connection “probably with the increase in banks’ needs in fiduciary money during this period”, specifies BKGR in its recent “Fixed Income Weekly” note.

With regard to Treasury investments, the latter rose sharply with a maximum daily outstanding amount of 20.849 billion dirhams as of February 8, against a maximum daily outstanding amount of 9.2 billion dirhams, adds the same source.

For its part, the weighted average rate (TMP) stabilized at 2.51%, while the MONIA (Editor’s note, Moroccan Overnight Index Average: overnight benchmark monetary index, calculated on the basis of repo transactions delivered with treasury bills as collateral) fell to 2.424%.

Regarding the outlook, BKGR analysts believe that Bank Al-Maghrib should, over the next period, reduce its intervention in the money market with the injection of only 34 billion dirhams in the form of 7-day advances against 43.2 MMDH the previous week.

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